Will my credit affect wife's mortgage

Declaration_2

Hi,

I got married a year ago, and have a default on my file which drops off in March. My wife's mortgage deal has come to an end and she is renewing it.

The mortgate/house is in her name only. I'm concerned though, that with me living at the same address, it might affect her mortgage.

Can anyone please advise if this is likely? The default is the only black mark on my file, and we are not financially linked, as we both have seperate bank accounts etc.

Thanks in advance for any help.

holly_hobby

There is no credit search solely on a transfer of product whilst remaining with the same lender.

If however you are to be added to the mge/deeds then obviously your default will play a part ( whether it results in issues, will be down to its size/reason for default - the fact it is over 5 yrs old will be a positive to the mix).

So no, just selecting a new product with the same lender, without any further borrowings or title changes, there will be no credit search - so financial association with you shouldn't come into it.

Hope this helps

Holly

harvey115

The address may reveal an association with your financial issues.

However if your wife is about to select another product from the same lender, you should not have any issues what so ever. You only need to worry a bit if you are re-mortgaging to a different lender.

PS - Holly explains better

Declaration_2

Thanks for your prompt responses. I won't be added to the mortgage, and I think she will be staying with Halifax, so it should be fine. We're saving a deposit for a bigger house, but the default will be off my record by the time that happens, so it will hopefully be ok.

Thanks again for your help.

holly_hobby

Hi Dec,

Just ensure its "dropped off" when the time comes, best to obtain a free credit report (try check my file - which is a multi agency serach engine showing both Experian and Equifax, with first 30 days free), BEFORE you put in any mge apps.

Good luck .... come back if you need any more help at that time

Holly x

Wh05apk

If the default is about to drop off, it must be 5+ yrs old anyway, assuming you are not looking for a high loan to value, even adding you on would not be too much of an issue with most lenders (unless the default was large)

Declaration_2

Hi,

As above, my wife did not actually go and re-mortgage, but has made an appointment. It is not with the same bank, but a broker. As before, I am not being added to the mortgage which she pays by DD.

I'm really worried that the default, which drops off in March, may impact on this and cause trouble. Default was for 3K and the balance has been cleared. Any suggestions if this will be a problem please?

Thanks

kloana

Declaration wrote: »

Hi,

As above, my wife did not actually go and re-mortgage, but has made an appointment. It is not with the same bank, but a broker. As before, I am not being added to the mortgage which she pays by DD.

I'm really worried that the default, which drops off in March, may impact on this and cause trouble. Default was for 3K and the balance has been cleared. Any suggestions if this will be a problem please?

Thanks

Regardless of what you've done and when, your bad credit can only affect your wife in any way if you actually have a financial association. Financial associations are created through having current or previous joint accounts, credit commitments, etc. If you have no financial association, you needn't worry at all, if you're not to be added to the mortgage. Just being married/partnered/living at the same address does not in itself create an association of this kind.

You can obtain a copy of your Experian and Equifax credit files for £2 each (can also do free trials, but be careful of pesky subscriptions). You can access your CallCredit file 'free for life' at www.noddle.co.uk. Check them all, as one agency might link you, but another might not. Experian is the big boy of the three agencies, but they'll all hold useful data.

If indeed you are associated financially, your broker should know how to tackle this. Bear in mind the advice above regarding the age of the default (the fact that you've paid it off is also a plus).

Declaration_2

Thanks Kloana, we have no joint accounts of any kind or joint purchases. We don't have a joint bank account either, so its fingers crossed! :-)